Organizations designers and engineers value composite materials majorly for structural properties including light weight, stiffness, and high strength. These materials are used in various sectors such as electrical, capacitors, batteries, hybrid ground vehicles, automotive, airplanes, energy conversion, and others. With increasing advances in the field of multifunctional composites which provides different properties, it has become beneficial for various industrial sectors. Multifunctional materials and systems have many major functions occurring sequentially in time.

Market Dynamics

The global multifunctional composite market is mainly driven by their favorable blend of properties most particularly being the light weight mechanical performance. The increasing demand for the multifunctional composites from various industries such as automotive may further propel the growth of the market.

Market Classification and Overview

The global multifunctional composite market is segmented into technology, and region.

Geographically, the global multifunctional composite market is bifurcated into four regions such as North America, Europe, Asia Pacific (APAC), and Latin America, Middle East & Africa (LAMEA).

North America is expected to hold the major share during the forecast period 2018-2026 owing to the increasing automotive industries. The presence of huge companies in this region is boosting the growth of the market.

Europe is expected to witness a healthy growth during the forecasted period due the increasing demand for the multifunctional composites from different industries and good economic condition.

Asia Pacific is expected to drive the growth of the market owing to the presence of large customers and increasing per capita income. Additionally, the LAMEA is expected to witness a steady growth rate due to the poor government support.

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